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Why PayEye?

Security

The safest payment method. Unique human characteristics are used for identification and cannot be reproduced, exchanged, falsified or lost.

Faster payments and smaller queues

With PayEye, you only need one look to make a payment. You will no longer need to look for cash, card or phone. Faster payment processing means smaller queues.

Why PayEye?

Effective customer identification

The identification of the iris is the safest, quickest and flawless way to identify a person. The iris is a unique pattern that remains unchanged throughout life.

In-store as well as at home delivery

PayEye payments can be used by clients in-store as well as at home delivery.

Confirmation of identity

An iris payment is also a confirmation of the customer’s identity and age.

An image of a modern and friendly company

PayEye and biometric payment processing will make your company modern and set new payment trends.

PayEye gives you the opportunity to stay one step ahead of the competition and respond to the current needs of you, the market and your customers straight away!

Biometric market potential

Have you wondered what the payments of the future will look like? Until recently, the identification of a human being by means of fingerprint, iris, face, voice recognition or analysis of the use of the keyboard seemed to be far from reality. Nowadays, biometrics are increasingly used in everyday life and will become the standard for confirming identity. Biometric identification is faster, more convenient and, above all, safer than standard solutions.

Biometry has always been a part of our lives. The word biometry comes from the Greek words bio (living, life) and metron (measure). Biometry, therefore, means measuring the individual characteristics of the human body to confirm identity. The human is the password themselves. Biometric methods are divided into two groups: physical and behavioural. Physical methods are solutions that confirm identity based on unique human characteristics, e.g. biometry of fingerprints, iris, blood vessels or facial geometry. Methods that examine physical characteristics include biometrics of voice tone and gait.

Biometry has been known since the beginning of humanity. Already in prehistoric times, artists stamped their drawings on the walls of caves with palm prints.1 

So biometrics is not new. The world offers a wide range of biometric solutions that confirm user identity in many areas of life. The door to our house may have a built-in fingerprint reader, so we open it without using a key. To unlock the phone we don’t need to enter a PIN, just a scan of our face. The finger or hand vein layout reader allows us to access rooms or systems without wearing badges or remembering difficult passwords. You can already log in by voice on the helpline with the bank.

And what about the world of payment? Although cash is still important, we make more and more non-cash transactions every year. Statistics published by the National Bank of Poland on payment cards after the second quarter of 2019 show that Poles have 42 million cards in their wallets, with transactions totalling PLN 200 billion, and in the third quarter of 2019 the number of contactless transactions exceeded one billion for the first time ever. Cashless shopping is simply more convenient. We confirm transactions using card, Blik, Google Pay, Apple Pay. We pay by phone, but also with wearables. The most popular are watches, but we can already pay with rings, fitness bands or bracelets. Digital payments will strive for much greater simplicity. The trend of this transformation is unstoppable.2

What is our consumer approach to biometrics? According to the Mastercard study entitled “Secure e-shopping”, almost half of Polish e-consumers would like to biometrically authenticate card payments, either in a stationary store or online.

Polish consumers are open to the use of biometric forms of payment confirmation.

According to 46% of them, greater security at the payment stage would encourage them to shop online more often. 76% believe that strong online card payment authentication is needed and that an additional element confirming the user’s identity and increasing the security of transactions will encourage many of them to shop more often online.4 According to  Digital Payments Study 2017 report prepared for VisaPolish consumers are open to modern digital payments, including biometrics. 86% of them have already made a contactless payment, and almost 90% of them think they will pay with a smartphone within three years. Contactless payments opened Poles to new, innovative payment solutions. 83% believe that biometrics is a secure form of authentication. At the same time, most of them would feel secure if biometric solutions were used to authorise these transactions.5 The answer to consumers’ needs is the introduction of the European Union PSD2 (Payment Services Directive 2), which regulates the payments market. The Directive introduces so-called strong customer authentication (SCA). According to these provisions, when logging into the system or making a card payment for online purchases, the consumer must confirm their identity using at least two out of three possible elements of authentication: knowledge (what the customer knows only, e.g. a password), possession (something that the customer only have, e.g. a phone) or characteristics of the customer (something that characterises the customer only, e.g. a fingerprint).6 Biometric features of the customer – fingerprint or facial features, are unique, difficult to steal, affect the quick, but above all safe payments. They reduce the risk of fraud. That is why the major payment solution providers declare that they will develop their tools precisely towards biometrics.7

And how can future payments look like? We expect more and more freedom, comfort and above all safety. We want to make payments faster and more efficiently. Card payments seem a simpler solution than cash. I can buy what I want and how much I want – as long as I have the money in my bank account, of course. The amount of cash you have is no longer a problem. Contactless payments are even faster; I put the card on the terminal and done. Did you forget your card? It’s not a problem at all. You have a phone, so you can confirm the transaction on the phone. Is your phone flat? You can pay with your watch. What if the watch breaks, gets flat? Or maybe biometrics alone is enough to make payments? And here comes the solution of the Wrocław-based company PayEye, which is the first in the world to launch iris payment on the commercial market. You can pay with one look without any unnecessary accessories. Check out PayEye and enjoy your life!

Safe shopping using the iris

People have long been looking for better ways to make payments. Better means more comfortable, simpler, faster and safer. For a long time, only coins and notes were used. This quite simple solution has its advantages, but it also has its disadvantages.  From small, everyday ones – sometimes there are problems with getting the change out, you can just not have cash on you, to the serious ones – material money is susceptible to counterfeiting and can also be stolen. The next step in the development of payments – payment cards – eliminates some of these problems. The card is smaller, you just have to carry a small piece of plastic (you can still forget it, though), problems with the change are dropped, and a PIN protects our money. If this were to go one step further and develop a method devoid of all these disadvantages, leaving only their advantages? The search is ongoing, and most of them are proposals based on biometrics.

Biometric methods enable the identification of the customer on the basis of their individual characteristics. This way, we retain all the advantages of a payment card and eliminate its disadvantages. In the case of biometric payments, we always carry our “wallet” with us – you can’t forget it – and payment is even faster and simpler.

Personal features that can potentially be used to authenticate payments include fingerprint, its vascular features, face oval, ear shape, iris of the eye.

What criteria are taken into account when choosing the best biometric solution?

  • method effectiveness
  • the invariability of a given feature in time
  • easy to read features by an appropriate device
  • security of data acquisition and data retention
  • health security of the identification process

The efficiency of the biometric method is measured using two measures. The first is the FAR (false acceptance rate), which determines the probability that the system will wrongly grant access to an unauthorized user; the second is the FRR (false rejection ratio), which determines the probability of an error in denying access to an authorized user.

Effectively means safely

Such an understanding of effectiveness is strongly linked to the security of the use of a specific biometric method in the payment process. In the case of a false rejection where the system does not grant the customer access to their funds, the result is likely to be frustration (resulting from the inability to purchase a good or use a service). False acceptance is much more dangerous if an unauthorized person gains access to another customer’s wallet.

In order to ensure the highest degree of efficiency, the selected biometric feature should be distinguished by its absolute uniqueness. The iris of the eye meets this condition.

An iris, if you look at it very carefully, consists of many different elements – circles, waves, zigzags or “tassels”, which in each person are arranged uniquely and differ in their arrangement, shape and size. 

The iris of the eye turns out to be the best choice of biometric method in terms of security of data retention and purchasing process.

Payment R-evolution

The basis of PayEye’s innovative solution is precisely the unique features of the iris of the eye, and it is an element that identifies the user and confirms payment. 

The process of encoding and recording the iris image is fast and safe for the user. The corresponding POS device “photographs” the eye, and the software extracts the iris. Then those elements of the image that are used for user verification are digitally encoded and saved in a highly secure database that they never leave. Because we do not store eye images, there is no risk of them being stolen, and our sensitive personal data – throughout the process – remains safe. 

Safe for the eye

The devices used in the payment confirmation process biometric verifying the iris of the eye illuminate the eye using infrared radiation meeting the most stringent criteria and standards. The international standard for devices emitting infrared light (IEC 60825-1) groups these devices into three classes. Only class 1 devices are safe for the eyes. Those used to identify the person making the payment using the iris meet all required standards. Do you want to use it? Check out. Sign up and enjoy your life! 

What affects consumer behaviour

A beloved beautician or hairdresser is quitting their job. What are you doing? Are you giving up and looking for a new expert, are you going to travel across town, because only she or he will do their job best? 

A car mechanic who, since you have a driver’s license, has taken care of every car you own, suddenly moves abroad. Are you asking him to recommend a trusted mate, or are you switching to a bike?

You get married, your first child is born. Do you still spend a fortune on drinks when you go out on Friday, or make your purchasing decisions change drastically?

What else determines our behaviours and decisions, including our purchasing decisions?

Anthropologist Paul Atkinson, based on his research, claims that:

“Consumer behaviour is often the result of unconscious motives that can be decoded by psychological and anthropological techniques”.

Our behaviour is shaped by our personality, age, education, culture, the need for self-fulfilment, as well as experience and – mentioned by behaviourists as a key factor – our environment. 

Behaviourism is mainly associated with working with dogs. But the same factors that work on our pets, work on us. In a behavioural approach, it is the environment that is considered to be the key factor influencing – and some even claim controlling – the behaviour of organisms.

The creator of behaviourism, Professor John Watson of Johns Hopkins University in Baltimore, clearly stated:

“Give me a dozen healthy infants, well-formed, and my own specified world to bring them up in and I’ll guarantee to take any one at random and train him to become any type of specialist I might select — doctor, lawyer, artist, merchant-chief and, yes, even beggar-man and thief”.

Current strong impact trends

The ever-changing environment affects people with varying degrees of intensity, and recently it has had an impact in several key areas: safety, ecology, convenience, and – although we are one global village –, the locality.

Security

We care more and more about our security – both the data we store on computers or phones and ourselves. Recent events that have affected the entire globe have changed (and continue to change) our existing consumer behaviour, including in the area of payments. Already today we can see a downward trend with the use of cash for contactless payments. What happens next? We will certainly see the shaping of a new reality.

Ecology

The ecological trend, which has been going on for several years, is becoming increasingly larger. It is most visible in two sectors: cosmetics and food. The number of companies preparing eco-products in Poland in 2019 increased by 12.8%. And Poland in the region of Central and Eastern Europe has the most land in conversion to organic farming – 108.6 thousand ha. According to Polaków portfel własny: kochamy okazje (Poles’ wallet: we love bargains) report prepared for Santander Consumer Bank, as early as in 2018, one in five Polish women declared that they were trying to buy goods of natural origin (about 17% of the total number of Poles). Today, it is simply necessary to have at least some eco-products on offer. 

Convenience

We want the simplest, most everyday activities to be as short and simple as possible and we – humans – don’t want to adjust the car seat and mirrors every time our wife uses our car; we want to know what the weather is going to be like in the place we’re going in a week’s time in a split second; we don’t have to measure our heart rate and distance by hand while running.
Comfort has come to our daily lives for good. We buy, we order, we also pay in real time. We often even expect an immediate payment transaction, delivery of goods or order processing in the shop. According to Dr Przemysław Barbrich of the Polish Bank Association:

“The largest number of supporters of instant transfers is among Generation Z, i.e. those born after 2000, and 42% of this age group believe that instant transfers should be the standard”. 

Localisation

As being loyal customers of global brands, we can notice and more and more often appreciate ideas and products created right next to us, food products “from a neighbourhood”, handicrafts made by friends, hand made clothing, and an Easter cake baked by an artisan confectioner.

We want to know, and it becomes important to us – who prepared the food for us and from what products, who packed our gift book at Empik and where the food comes from for our birthday party. Today, not only our grandmothers but all generations will be happy to eat tasty and healthy food. More and more consciously.

The environment affects both individuals, and individuals strongly influence the formation of social groups. We, Poles, are such a social group in terms of payment behaviour. We are one of the most open societies to new forms of payment. We are looking for the most convenient and fast payment methods. The survey entitled Płatności bezgotówkowe oczami Polaków 2019 (Non-cash payments in the eyes of Poles 2019) prepared by KIR shows that 20% of respondents declared payment in cash. This method is most often chosen by people between 35 and 54 years of age. 66% of those surveyed declared payments with the payment card, the largest part of them being over 55 years of age. Phone payments are the most popular among young people (18-34 years old) – 23% of all those using phone, watch or other devices.

„Soon, not only cash payments but even card payments may be a thing of the past”4

This is the main conclusion of the EY survey conducted with representatives of financial institutions, regulators, technology providers and experts from around the world at Sibos (https://www.sibos.com). What is to replace it? 59% of those surveyed expect mobile devices and wearable devices (watches, bracelets or glasses) to dominate the payments market in the next ten years. One-third of those surveyed expect payments to be made using biometric tools in 2030. Only 4% of the respondents indicated that the payment cards would remain in use. Cash was not mentioned by the respondents.

Not only such a specialised group of people focuses on new ways of payment and is prepared for them, or even expects it. 

As many as 47% of survey participants surveyed by Mastercard in mid-2019 declared their willingness and readiness to use biometric methods as a form of transaction authentication. They consider biometric forms to be safe, each one – fingerprint, facial features recognition or other types of biometrics – has positive feedback from a group of over 50%.

We can be tempted to say that a large part of us are ready for new forms of payment. Ideally, these forms should meet all our requirements, i.e. be even safer, more comfortable and faster. In such a case, paying with one look – offered by the Wrocław company PayEye – i.e.. confirmation of payment without using unnecessary accessories becomes a perfect solution. 

A mobile, on-line… PayEye time! 

Payment evolution – the history of payment

HUMAN BEING – an exceptional creature with the ability to think abstractly…

A human being is an exceptional creature in many dimensions. One of these dimensions is the ability to think abstractly, which can be illustrated by the concept of money. Money is valuable only because everyone knows that everyone will accept it as a form of payment , and this is a global phenomenon. So let’s look at where the concept of money appeared, how it evolved, how money is used today, and finally, how the payments of the future may look like..

MONEY – a fix idea accepted by mankind…

People have engaged in trade and exchanged goods and services for a fee over the centuries. These transactions (today called financial transactions) did not always involve cash payments. There was a time when standard money didn’t even exist, and people used other forms of payment to make transactions. Money, as we understand it today, has been with humanity for over 3,000 years…

At first, the easiest and at the same time, the most intuitive way to make a transaction was to exchange a good or service for another good or service.

Since ancient times, barter – because that is the name of this transaction model – has been a beneficial way of exchanging goods and services. A system perfect at that time enabled both parties to get what they needed.  In addition to silk, incense, spices and other artefacts desired in the region, livestock was considered to be a wealth that could be accumulated. Already in the oldest piece of Greek and European literature, the Iliad poem, written during the 8th or 7th century BC, Homer, following his well-known payment system, determined the value of the armour as equivalent to nine oxen. 

The system based on exchange for grain, which was treated as money in agricultural countries, was more sophisticated. The grain is relatively light and regular. Using these advantages, the grain was measured by adding or removing the grain depending on the estimated value of a given good or service. During this archaic period, the value of various goods was expressed in grain equivalents… almost like the Big-Mac Index®…

Apart from grain, another frequently used payment commodity with similar characteristics to grain was salt.  Poland was one of the countries where it was used as a means of payment for a very long time.  In addition to making sales, salt could be used to bail out of oppression and trouble under the law (the courts of that time, as one of their penalties, imposed a fee of 300 crumbs of salt, from the accused). The transactional significance of salt in Poland has been transferred to modern times through semantics. To this day, the following words are used in Polish: “to pay salty for something” which means to pay dearly for something.

Temptation – the clink of coins and the glitter of precious metals…

Value. Mathematically, it is an abstract concept and is used in this way for money. 

At the beginning, though, more jewellery artefacts were used, which were very valuable to humanity at that time. Ancient civilisations (for example, Aztec culture) used beads and shells as coins. Around 770 BC the Chinese moved from using real tools and weapons as a means of exchange to using miniature replicas of the same tools cast in bronze. However, these objects were not the most comfortable (they stabbed and injured the hands), so over time these small daggers, pikes and hoes were abandoned for the less spiky shape of a circle, which became one of the first coins. 

China was the first country to use recognisable coins. These were round coins with a square hole in the middle. It was introduced in 221 BC by Emperor Qin Shi Huang.  Coins were minted in China according to a similar design until 1912. It can be said that and in the case of money –  a good thing devalues for a long time…

Historically – chronologically – the first minted coins were made in Lydia (now western Turkey).  In this case, precious metals – gold and silver – were used to make coins. This currency was both valuable and easy to carry. According to Britannica, in the streets of Sardes (Ancient Greek: Σάρδεις), the capital of Lydia, around 600 BC, a clay pitcher could cost two owls and one snake. 

The currency of Lydia helped the country increase both internal and external trade, making it one of the richest empires in Asia Minor. Interestingly, when someone says “as rich as Croesus”, they mean the last Lydian king who minted the first gold coin.

Unfortunately, the minting of the first coins and the development of a strong trade economy did not protect Lydia from the sword of the Persian army, but this is a completely different story…

Let’s keep track of the evolution of money.

From leather goods to paper…

Leather was another material used to make currency. In ancient China, people used white deerskin as a banknote. Interestingly, due to the size of the records (bills) at that time, this leather money could be as big as sheets of deer leather (about 1 m2).

It should be noted that it was the Chinese who significantly influenced the evolution of money, also switching from coins to paper money. As Professor H. U. Voge stresses (an eminent researcher of Chinese history and society), until Marco Polo’s visit in 1271 AD, the Emperor of China had constant control over both the money supply and various denominations. He used many elements and channels to control the process, e.g., in place of the statements strongly emphasised on American banknotes: “In God We Trust” – the Chinese writing warned: „Those who counterfeit will be beheaded”…

However, Europeans used coins until the 16th century. In order to be able to mint more and more coins, the import of precious metals from the colonies was encouraged.

However, banks started to use special notes for depositors and borrowers at some point. This was necessary because of the weight of these “noble” coins – the equivalent value of goods and services. These innovative banknotes for those times could be taken to the bank at any time and exchanged for their denominations in silver or gold coins. This paper money could still be used to buy goods and functioned similarly to today’s currencies, but it was issued by banks and private institutions and not by the government, which is now responsible for “printing” the currency in most countries.

What is worth emphasising is that the first paper currency issued by European governments was in fact issued by colonial governments in North America. 

As deliveries between Europe and the colonies took so long and growing in intensity, there was a cash shortage as these transactions developed. Instead of returning to the barter trade system, colonial governments used an innovative contractual formula: owe youwhich has been traded as currency. As we read in a document prepared by the Canadian Bank,  the first recorded place of use of this formula, or more precisely its abbreviation – “IOU” – was Canada, and then the French colonies. According to records, in 1685, soldiers were issued with playing cards, specially marked and signed by the governor, to be used as a cash substitute (coins from France).

The power of gold…

Although gold has had a power of attraction since ancient times, and as an object of desire it was also often used as a means of payment, England was the first to set gold as its standard of value in 1816. It was only after this event that Europe began to support (balance) banknotes with the so-called “a gold standard”. This meant that the value of each currency had to be determined as the value in gold. The United States of America began to introduce this standard only in 1900. Until then, both gold and silver were used interchangeably with dollars. In 1913, the US dollar was secured with gold. The Federal Reserve System was established – this official central bank served the financial interests of the nation. At that time, the Federal Reserve banknotes were secured with gold. One of the roles of the Federal Reserve was to ensure that banknotes and cheques were honoured and could be exchanged for gold. 

In 1933, however, the United States stopped using the gold standard to stop Americans from cashing in their currency for gold, reducing domestic gold supply in the face of worsening deflation. Since then, the federal government has become an official supporter of the monetary system instead of gold…

And, as many economists have pointed out, in the utopian world, the currency would always be perfectly stable in value!

The market economy is organised according to prices, profit margins, return on capital and interest rates. Changes in the value of the currency disturb this process, causing chaos and havoc. In 1923 John Maynard Keynes, an English economist and creator of the theory of state interventionism, whose theories significantly influenced micro and macroeconomic development, wrote:

“[Markets] cannot work properly if the money, which is treated as a stable measurement value, is unreliable”.

According to Keynes, unemployment, insecure employment, the disappointment caused by excessive waiting, sudden loss of savings and speculation – all this is largely due to the volatility of the value standard.

According to Forbes magazine, in 1971, the economist Arthur Laffer – then Chief Economist at the US Office of Management and Budget  – was asked what, in his opinion, were the consequences of “closing the golden window” by Nixon, which effectively ended the Bretton Woods period when the dollar was set at USD 35 per ounce of gold.

 Laffer was supposed to say: “being an American is not going to be so pleasant anymore”..

More convenient shopping with a deferred payment – IOU – I owe you… and I’ll pay you back later…

Consumers started using credit from retailers in the 20th century. Some retailers (such as department stores and petrol stations) started to create individual credit cards that were issued to consumers. These cards were created to make spending money more convenient for people. The Diners Club Card was the first actual credit card to give consumers the opportunity to buy meals in several restaurants in New York City, and to spread globally over time.

As it happens in the case of solutions that were created with the convenience of a given group of recipients in mind, seeing the benefit of this solution, other organisations (including banks) have adopted this form, and the credit card (payment card) has become a popular means of making purchase and sale transactions. 

Internet – the communication revolution and its impact on the payment system…

As the Internet developed and expanded in the 1990s, opportunities for on-line shopping emerged.

A phenomenon involving consumers taking advantage of the possibility of browsing through the websites of many shops, comparing them and making purchases has been called the e-commerce market. According to analyses, Pizza Hut was one of the first retailers to complete an e-commerce transaction. This company (a chain of restaurants owned by American Restaurants) enabled its customers to order pizza through its website as early as 1994.

However, ordering is only part of the purchasing process. At a later stage, banks introduced virtual transfers (via the Internet), and then it was the turn for mobile payments…

Mobility – the freedom of modern times…

The year 1997 is assumed to be the date of the first payment transaction using a mobile solution. Beverage retailer – iconic and timeless (certainly because it always follows the spirit of the times), the Coca-Cola brand has created special vending machines that have enabled consumers to pay for drinks by sending text messages from mobile devices. 

Since then, the number of mobile payments has increased sharply. Now more people than ever before pay from anywhere, and more merchants can accept payments anywhere without being tied to a cash register.

As technology has evolved, money and payments have changed drastically. Current credit card processing technology and advanced business solutions make financial transactions possible almost anytime and anywhere.

A coin avatar – electronic money…

It can be said that nowadays, electronic money is a natural stage in the evolution of means of payment.

 Although the novelty of electronic money is only technical, nevertheless, in 2008 the world was dazzled!

Bitcoin – this is the reason why it’s considered the most important crypto-money in the world, but there are still many secrets associated with its creation. According to BusinessInsider, the domain name bitcoin.org was registered in August 2008. Two months later, an article entitled Bitcoin: Peer-to-Peer electronic cash system was spread on the web via e-mail. In this article, like the name of Jeanine Salla in AI. Artificial Intelligence by Steven Spielberg, there appears a mysterious character – Satoshi Nakamoto, which permanently links this name to the crypto-money. 

As a digital currency it is called a cryptocurrency, which functions as a means of exchange using cryptography to secure financial transactions, control the creation of bitcoins, and verify money transfers.

Bitcoin (BTC) is based on an open-source system – there is no single owner, and everyone can actively participate in its use and development. The system, therefore, eliminates at least one intermediary – banking institutions. 

This cryptocurrency is created by computers that take part in managing the public register (public databases). Computers verify and approve bitcoin transactions, and for each “block” added to the blockchain (each transaction in this network is saved in the blockchain) they receive new bitcoins. This process is called “digging” and computers are equivalent to “miners”.

Government institutions and banks basically generate new money endlessly (euros, dollars, pounds, etc.), while Bitcoin emissions are limited to 21 million coins.Currently, about 17.5 million have been mined, while the last Bitcoin will be mined around 2140. One Bitcoin is divided into eight decimal places, and its smallest unit is unofficially called Satoshi, and it is 0.00000001.

Researchers, including Andrea V.Vlasov, on the subject of cryptocurrency, stress that it can be said that the evolution of electronic money has led to the fact that the cryptocurrency now has a significant advantage over other forms of money.

Money itself is nothing valuable… It can be a shell, a metal coin or a piece of paper with a historical image. The value people put on it has nothing to do with the physical value of money. 

Money draws its value, being a means of exchange, a unit of measurement and a storehouse of wealth. Money allows people to trade goods and services indirectly, to understand the price of goods and to save on larger purchases in the future…

Natural r-evolution

Money changed its form because the human being, striving for perfection, was looking for a more convenient, safer and faster form of payment. Today we can use the combination of virtual money and innovative use of the iris of the eye as a very secure form of confirming transactions. PayEye – one look is enough.